The gold mine halted operations for 24 hours after an employee died near the paste plant.

Many banks, insurers and investors have backpedalled from or abandoned the carbon-belching fossil fuel.

An activist shareholder group said the potential addition of U.S. Steel's 11 blast furnaces to Nippon Steel's operations will almost certainly increase the company's cost of decarbonization.

Efforts are part of India's membership under the US-led Minerals Security Partnership (MSP), which New Delhi joined last year to ensure critical minerals supply.

Global supply chains for rare earths are realigning to diversify away from China.

The miner had previously landed supply deals with Ford Motors and battery maker LG Energy.

The investment will spread over the next five years to fund the expansion of its iron ore operations.

Macquarie sees a market recovery driven by strong demand from the steel sector.